🔔 SEC Accuses Nader Al-Naji of Fraud and Unregistered Crypto Asset Securities Offering

➡️ The SEC has charged Nader Al-Naji with a multi-million-dollar crypto fraud involving BitClout. Al-Naji raised over $257 million through unregistered sales, misled investors, and used $7 million for personal expenses. He falsely claimed BitClout was decentralized, using the pseudonym "Diamondhands." The SEC and the U.S. Attorney’s Office for the Southern District of New York have filed charges against him.

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https://www.sec.gov/newsroom/press-releases/2024-91

🔔 Starknet-Based ZKX Protocol Shuts Down Due to Lack of Users

➡️ The ZKX Protocol, a social derivatives trading platform on Starknet, has shut down due to a lack of economic viability. Founder Eduard Jubany Tur cited minimal user engagement, reduced trading volumes, and insufficient daily revenue to cover server expenses as reasons for the closure.

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https://x.com/0xeduard/status/1818206251089551810

🔔 UAE Residents Gain Ability to Trade Crypto Directly via Bank Accounts

➡️ Crypto exchange M2 has launched a new feature allowing UAE residents to buy and sell Bitcoin and Ether directly with dirhams. The integration supports trading and transactions between local currency and cryptocurrencies, enhancing accessibility and bridging traditional finance with virtual assets.

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https://cointelegraph.com/news/m2-exchange-uae-aed-to-crypto

🔔 The Bahamas Takes a New Crypto Law Step 1.5 Years After FTX Collapse

➡️ The Bahamas has passed the Digital Assets and Registered Exchanges Act, 2024 (DARE 2024), enhancing regulations for digital assets and cryptocurrency markets. This law builds on the 2020 DARE Act, introducing stricter investor protections, disclosure requirements, and a stablecoin framework while prohibiting algorithmic stablecoins. It aims to address challenges and restore confidence in the Bahamas' financial sector following the FTX collapse in 2022.

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https://www.scb.gov.bs/wp-content/uploads/2024/07/Media-Release-The-Bahamas-Introduces-Transformative-Digital-Asset-Legislation-The-DARE-Act-2024.pdf

🔔 Bybit Launches Indian Digital Rupee CBDC Payment Option

➡️ Bybit has added digital rupee (e-rupee) payments to its platform, enhancing security for Indian rupee transactions. This wallet-based option joins existing payment methods and aims to improve user trust and attract more merchants. The e-rupee, part of India's CBDC pilot, is currently used for peer-to-peer crypto transactions on Bybit.

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https://www.prnewswire.com/news-releases/bybit-introduces-digital-rupee-erupee-as-the-new-and-secure-inr-payment-method-302209775.html

🔔 Convergence Hacked for $210K via Smart Contract Exploit

➡️ On August 1, Convergence suffered a smart contract exploit, leading to the minting and sale of $210K in CVG tokens. The attacker also stole $2,000 in unclaimed staking rewards. The CVG token's value plummeted to $0.0004 following the attack.

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https://medium.com/@cvg_wireshark/post-mortem-08-01-2024-e80a49d108a0

🔔 Daily US Bitcoin ETFs Net Flow Analysis (As of August 01, 2024)

🔔 Ark Invest Sells $6.9 Million in Spot Bitcoin ETF and Increases Coinbase Share Sales

➡️ On August 1, Ark Invest sold 108,751 shares of its ARKB Bitcoin ETF and reduced its holdings in Coinbase by offloading 31,517 shares from ARKW and 37,552 shares from ARKF. The ARKB ETF saw $22.4 million in net outflows, despite overall inflows into spot Bitcoin ETFs.

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https://www.theblock.co/post/309080/ark-invest-bitcoin-etf-arkb-coinbase-coin

🔔 Donald Trump launches limited edition Bitcoin sneakers

➡️ Each pair is numbered and can be purchased with Bitcoin or your favorite cryptocurrency.

➡️ Trump’s “Crypto President High Tops” in orange are available for pre-order at $499, while a black pair of BTC-themed high tops can be pre-ordered for $299.

👉 https://news.bitcoin.com/crypto-president-high-tops-trump-reveals-limited-edition-bitcoin-sneakers/

🔔 Morgan Stanley to Permit Wealth Advisors to Recommend Bitcoin ETFs to Certain Clients: CNBC

➡️ Morgan Stanley will allow its financial advisors to offer spot bitcoin ETFs, specifically BlackRock’s iShares Bitcoin Trust and Fidelity’s Wise Origin Bitcoin Fund, starting August 7. This marks a first among major Wall Street banks, allowing select clients to invest in these bitcoin ETFs.

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https://www.cnbc.com/2024/08/02/morgan-stanley-wealth-advisors-bitcoin-etfs.html

🔔 El Salvador has proposed using cryptocurrency as an alternative payment method for trade with Russia.

👉 Source

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🔔 Tether Holdings Limited reported a record-breaking net profit of $5.2 billion for the first half of 2024, according to its latest assurance opinion for the second quarter.

👉 https://tether.io/news/tether-q2-2024-attestation-reports-record-breaking-5-2-billion-profit-in-first-half-of-2024-highest-treasury-bill-ownership-ever-largest-ever-group-consolidated-equity-at-almost-12-billion/

🔔 Hong Kong’s largest online brokerage, Futu Securities International, has launched cryptocurrency trading for its 22 million customers.

👉 Source

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🔔 Cypherpunk Holdings purchased an additional 23,000 solana tokens bringing its total to 86,294 SOL worth $21.6 million, a few months after making its initial investment.

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🔔 Coinbase has recently announced its support for three cryptocurrencies: cats in a dogs world (MEW), JasmyCoin (JASMY), and Memecoin (MEME).

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🔔  MicroStrategy purchased an additional 12,222 Bitcoin for $805M in the Q2 of this year, bringing its total Bitcoin holdings to 226,500 BTC — worth $14.7B at current prices.

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🔔 CFTC Issues Subpoena to Ben ‘BitBoy’ Armstrong’s Former Company in Fraud Investigation, Focuses on Token Activities

➡️ The CFTC is investigating potential fraud involving 15 tokens, including BEN. The agency subpoenaed Hit Network on July 16, seeking details on trading and wallets. The probe follows content featuring these tokens by BitBoy Crypto’s Ben Armstrong, though Armstrong is not specifically mentioned in the subpoena.

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https://www.theblock.co/post/309213/cftc-subpoenas-ben-bitboy-armstrongs-former-company-in-fraud-investigation-asks-about-activity-for-tokens-such-as-ben

🔔 Crypto Lender Genesis Finalizes Restructuring and Starts Payouts

➡️ Crypto lender Genesis Global has finished its bankruptcy restructuring, distributing around $4 billion to creditors. Bitcoin creditors will recover 51.28%, Ether creditors 65.87%, and Solana creditors 29.58% of their claims.

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https://www.bloomberg.com/news/articles/2024-08-02/crypto-lender-genesis-completes-restructuring-begins-payouts

🔔 The Montenegro Appellate Court upheld its decision to extradite Do Kwon, the founder of Terraform Labs, to South Korea.

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🔔 Binance Labs invests in Particle Network

➡️ Binance Labs invested in Particle Network, the leading L1 solution for unifying all chains via Universal Accounts, addressing user and liquidity fragmentation in Web3.

➡️ With Particle Network’s Chain Abstraction infrastructure, users can maintain a single account and balance across the entire ecosystem, eliminating the need for manual bridging or asset management across multiple chains. 

👉 https://www.binance.com/en/blog/ecosystem/binance-labs-invests-in-particle-network-to--address-user-and-liquidity-fragmentation-in-web3-2579347885390894943